| Schedule of Long-term Debt Instruments |
Our debt as of June 30, 2015 and December 31, 2014 consisted of the following:
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Carrying value(a) at
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Issuer / Borrower
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Issued
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Debt
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Maturity Date
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Interest Payable
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Principal Amount
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June 30, 2015
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December 31, 2014
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Sirius XM
(b)
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May 2013
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4.25% Senior Notes
(the "4.25% Notes")
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May 15, 2020
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semi-annually on May 15 and November 15
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$
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500,000
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$
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495,901
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$
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495,529
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Sirius XM
(b)
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September 2013
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5.875% Senior Notes
(the "5.875% Notes")
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October 1, 2020
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semi-annually on April 1 and October 1
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650,000
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644,248
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643,790
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Sirius XM
(b)
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August 2013
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5.75% Senior Notes
(the "5.75% Notes")
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August 1, 2021
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semi-annually on February 1 and August 1
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600,000
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595,401
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595,091
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Sirius XM
(b)
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May 2013
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4.625% Senior Notes
(the "4.625% Notes")
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May 15, 2023
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semi-annually on May 15 and November 15
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500,000
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495,356
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495,116
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Sirius XM
(b)
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May 2014
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6.00% Senior Notes
(the "6.00% Notes")
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July 15, 2024
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semi-annually on January 15 and July 15
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1,500,000
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1,484,547
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1,483,918
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Sirius XM
(b)(c)
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March 2015
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5.375% Senior Notes
(the "5.375% Notes")
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April 15, 2025
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semi-annually on April 15 and October 15
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1,000,000
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989,018
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—
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Sirius XM
(b)(d)
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August 2012
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5.25% Senior Secured
Notes (the "5.25%
Notes")
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August 15, 2022
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semi-annually on February 15 and August 15
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400,000
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395,407
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395,147
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Sirius XM
(e)
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December 2012
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Senior Secured
Revolving Credit Facility
(the "Credit Facility")
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June 16, 2020
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variable fee paid quarterly
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1,750,000
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—
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380,000
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Sirius XM
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Various
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Capital leases
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Various
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n/a
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n/a
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16,532
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12,754
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Total Debt
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5,116,410
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4,501,345
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Less: total current maturities
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8,074
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7,482
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Total long-term debt
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$
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5,108,336
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$
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4,493,863
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(a)
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The carrying value of the obligations is net of any remaining unamortized original issue discount.
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(b)
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Substantially all of our domestic wholly-owned subsidiaries have guaranteed these notes.
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(c)
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In March 2015, Sirius XM issued $1,000,000 aggregate principal amount of 5.375% Senior Notes due 2025, with an original issuance discount of $11,250.
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(d)
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The liens securing the 5.25% Notes are equal and ratable to the liens granted to secure the Credit Facility.
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(e)
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In December 2012, Sirius XM entered into a five-year Credit Facility with a syndicate of financial institutions for $1,250,000. In June 2015, Sirius XM entered into an amendment to increase the total borrowing capacity under the Credit Facility to $1,750,000 and to extend the maturity to June 2020. Sirius XM's obligations under the Credit Facility are guaranteed by certain of its material domestic subsidiaries and are secured by a lien on substantially all of Sirius XM's assets and the assets of its material domestic subsidiaries. Interest on borrowings is payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Sirius XM is also required to pay a variable fee on the average daily unused portion of the Credit Facility which is payable on a quarterly basis. The variable rate for the unused portion of the Credit Facility was 0.30% per annum as of June 30, 2015. As of June 30, 2015, $1,750,000 was available for future borrowing under the Credit Facility. Sirius XM's outstanding borrowings under the Credit Facility are classified as Long-term debt within our unaudited consolidated balance sheets due to the long-term maturity of this debt.
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